Coca-Cola Consolidated, Inc.: Comprehensive Business Profile

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025.

Quick Facts / Company Snapshot

Metric / Attribute	Disclosed Value / Specification
Official Corporate Name	Coca-Cola Consolidated, Inc.
State of Incorporation	Delaware (Incorporated in 1980; predecessors since 1902)
Corporate Headquarters	4100 Coca-Cola Plaza, Charlotte, North Carolina 28211
Primary Stock Ticker & Exchange	NASDAQ: COKE (Common Stock)
Consolidated Net Sales (FY 2025)	$7,228,055 thousand
Gross Profit (FY 2025)	$2,872,362 thousand
Operating Income (Income from Operations)	$950,656 thousand
Consolidated Net Income (FY 2025)	$570,582 thousand
Basic Net Income Per Common Share	$6.82
Total Assets (as of December 31, 2025)	$4,302,998 thousand
Total Long-Term Debt	$2,686,009 thousand (Total Debt: $2,786,009 thousand)
Total Stockholders’ Deficit	$(739,723) thousand
Net Cash Provided by Operating Activities	$931,904 thousand
Capital Expenditures (Additions to PP&E)	$312,315 thousand
Free Cash Flow (FY 2025)	$619,589 thousand (Calculated by FirmsWorld)
Total Workforce (Teammates)	Approximately 17,000 (~15,000 full-time; ~2,000 part-time)
Consumer Population Served	Approximately 60 million consumers
Primary Operating Footprint	14 States and the District of Columbia
Chairman and Chief Executive Officer	J. Frank Harrison, III
Independent Registered Public Accounting Firm	PricewaterhouseCoopers LLP (Auditor since at least 1972)

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025.

Company Overview

Coca-Cola Consolidated, Inc. stands as the largest independent Coca-Cola bottler in the United States, operating as a vital manufacturing, distribution, and commercial engine within the global beverage ecosystem. Incorporated in Delaware in 1980, the company and its operational predecessors have engaged in the production and commercialization of nonalcoholic beverages since 1902. From its corporate headquarters in Charlotte, North Carolina, the business manages exclusive franchise territories that span across 14 states and the District of Columbia, directly serving an addressable consumer base of approximately 60 million people.

The business is structurally defined by long-term master bottling and distribution pacts negotiated with brand owners, most notably The Coca-Cola Company. Finished products bearing the trademarks of The Coca-Cola Company represent roughly 85% of the bottler’s retail bottle and can sales volume. Concurrently, the organization acts as a regional production and distribution partner for other nonalcoholic beverage enterprises, handling major portfolio items for Monster Energy Company and Keurig Dr Pepper Inc.

• Manufacturing and distribution activities span 14 states and the District of Columbia, reaching 60 million consumers.
• The company’s commercial engine is powered by more than 17,000 teammates across corporate and front-line roles.
• Exclusive agreements anchor a portfolio distributing more than 300 distinct brands and flavor variations.

The overarching corporate ethos is formally codified around a central Purpose: to honor God in all actions, serve others, pursue excellence, and grow profitably. Translating this philosophy into everyday commercial operations, Coca-Cola Consolidated pursues an “Operating Destination” defined as one cohesive team consistently generating cash flow while mentoring servant leaders. The business model emphasizes deep community integration, high-frequency Direct Store Delivery (DSD), and significant reinvestment into automated production infrastructure.

Corporate governance and voting control remain closely aligned with multi-generational stewardship. J. Frank Harrison, III serves as Chairman of the Board of Directors and Chief Executive Officer, controlling approximately 78% of total shareholder voting power via shares of Class B Common Stock as of December 31, 2025. This centralized control insulates long-term operational planning from short-term public market pressures, permitting sustained multi-year capital programs.

Business Segments

Coca-Cola Consolidated evaluates its operational hierarchy through two distinct business segments: Nonalcoholic Beverages and All Other. Performance evaluations, resource allocations, and operational target-setting are managed directly by the Chief Operating Decision Maker (CODM), which consists jointly of the Chief Executive Officer, the Chief Operating Officer, and the Chief Financial Officer.

The Nonalcoholic Beverages segment accounts for the vast majority of consolidated revenues, comprising the direct conversion of raw materials, beverage production, marketing coordination, and route-to-market distribution across retail stores, vending networks, and on-premise venues. The All Other segment primarily encompasses internal and commercial freight transportation, logistics management, and vehicle maintenance operations executed by the Red Classic transport subsidiaries. Until December 31, 2025, an additional subsidiary known as Data Ventures, Inc. was housed under All Other, but it was formally liquidated, dissolved, and merged into Nonalcoholic Beverages at fiscal year-end, with all prior periods retroactively adjusted.

Segment Financial Performance

Operating Segment	Net Sales (FY 2025) ($’000)	Net Sales (% of Total)	Cost of Goods Sold ($’000)	Gross Profit ($’000)	Operating Income ($’000)
Nonalcoholic Beverages	$7,183,782	99.39% (Calculated by FirmsWorld)	$4,380,271	$2,803,511	$925,165
All Other	$325,969	4.51% (Calculated by FirmsWorld)	$186,810	$139,159	$25,491
Segment Eliminations	$(281,696)	-3.90% (Calculated by FirmsWorld)	$(211,388)	$(70,308)	$0
Total Consolidated	$7,228,055	100.00%	$4,355,693	$2,872,362	$950,656

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025. Note: Percentages of total revenue were calculated using consolidated net sales of $7,228,055 thousand as the base.

Intersegment eliminations account for transportation services and vehicle repair tasks rendered by the Red Classic entities directly to the primary bottling operations. In 2025, intra-company eliminations totaled $281,696 thousand in net sales and $70,308 thousand in intra-segment gross margin and operating expenses.

• Nonalcoholic Beverages generated $925,165 thousand in operating income, delivering an operating margin of 12.88% (Calculated by FirmsWorld: $925,165 / $7,183,782).
• All Other delivered $25,491 thousand in standalone operating profit, representing an operating margin of 7.82% (Calculated by FirmsWorld: $25,491 / $325,969).
• Intersegment sales eliminations reached $281,696 thousand as internal fleet and distribution activities scaled.

Consolidated Revenue Contribution by Segment (FY 2025)
┌─────────────────────────────────────────────────────────┐
│ Nonalcoholic Beverages: 99.39%                          │
├─────────────────────────────────────────────────────────┤
│ All Other (Transportation/Logistics): 4.51%             │
├─────────────────────────────────────────────────────────┤
│ Intersegment Eliminations: -3.90%                       │
└─────────────────────────────────────────────────────────┘

Nonalcoholic Beverages

The Nonalcoholic Beverages division serves as the commercial foundation of the enterprise, capturing raw concentrates, transforming them into finished packaged goods, and driving retail sales execution. This segment’s cost base contains the financial inputs for sweetener, packaging substrates (aluminum and polyethylene terephthalate), concentrate fees, and direct production labor across 10 company-owned manufacturing plants.

SD&A outlays within Nonalcoholic Beverages totaled $1,878,346 thousand in 2025, driven by $1,203,097 thousand in front-line and administrative payroll expenses, $99,135 thousand in dedicated fleet costs, and $115,744 thousand in depreciation and amortization. The division utilizes proprietary and shared technological infrastructure, such as the Coke One North America (CONA) system, to coordinate supply chain logistics across 60 regional distribution nodes.

All Other

The All Other operational reporting line encapsulates specialized logistics, dedicated freight brokerage, and commercial equipment servicing under the Red Classic transport brands. Red Classic operates commercial tractor-trailers, regional delivery trucks, and equipment maintenance facilities, functioning both as an internal logistics provider for Coca-Cola Consolidated and as a third-party transportation carrier.

In fiscal 2025, All Other posted cost of goods sold of $186,810 thousand and SD&A outlays of $113,668 thousand. Segment payroll reached $50,542 thousand, while external fleet operations incurred $31,216 thousand in repairs, fuel, and equipment maintenance. Standalone depreciation and amortization within the segment totaled $20,928 thousand, reflecting ongoing modernization across logistics yards, tractors, and trailer equipment.

History and Evolution

The enterprise traces its origins to 1902, when entrepreneurial regional bottlers acquired licensed franchise rights to produce and distribute Coca-Cola in local southern communities. In 1980, the modern corporate entity was officially incorporated under the laws of Delaware. Throughout the late 20th century, the business systematically bought out neighboring franchise operators to create an integrated bottling network centered around the Carolinas and Mid-Atlantic corridors.

A transformative phase in corporate architecture occurred between 2013 and October 2017 through the national “System Transformation” executed by The Coca-Cola Company. Over this multi-year refranchising cycle, Coca-Cola Consolidated acquired vast tranches of territory and production facilities from Coca-Cola Refreshments USA, LLC (CCR), more than doubling its commercial footprint across parts of Ohio, Indiana, Kentucky, Maryland, Virginia, Tennessee, and Arkansas. In exchange for these exclusive operating territories, the company executed Comprehensive Beverage Agreements (CBA) and Regional Manufacturing Agreements (RMA), establishing continuing sub-bottling payments to CCR.

• Franchise beginnings date back to 1902, with modern Delaware incorporation accomplished in 1980.
• The 2013–2017 System Transformation systematically integrated major metropolitan franchise territories.
• On May 13, 2025, stockholders ratified an amendment executing a 10-for-1 forward stock split.
• On November 7, 2025, the company spent $2.4 billion to repurchase all equity held by The Coca-Cola Company.

Corporate governance reached a historic juncture in the fourth quarter of 2025. On November 7, 2025, the company entered into and closed a definitive purchase agreement with Carolina Coca-Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca-Cola Company, along with J. Frank Harrison, III. Under this transaction, Coca-Cola Consolidated repurchased all 18,835,460 split-adjusted Common Stock shares held by The Coca-Cola Company for an aggregate cash outlay of approximately $2.4 billion.

Following the closing, the purchased shares were officially retired, fully extinguishing The Coca-Cola Company’s direct equity ownership and terminating its legacy right to nominate a designee to the Board of Directors. Financing this transaction altered the company’s capital structure, placing retained earnings into a deficit position and driving total long-term liabilities higher via new bank credit agreements.

Products and Services

Coca-Cola Consolidated classifies its revenue-generating activities into two main categories: Bottle/Can Sales and Other Sales. Bottle and can transactions represent finished, pre-packaged goods delivered directly to retail store shelves, mass merchandisers, convenience chains, and vending operations. Other Sales comprise inter-bottler manufacturing fulfillments, post-mix fountain syrup distribution, transportation brokerage, and cold drink dispensing equipment repair services.

Performance obligations for finished goods transfer to the customer at a point in time, which generally coincides with physical delivery at the store or distribution dock. Service obligations, including freight brokerage and equipment servicing, are recognized over time as tasks reach completion.

Product Category Revenue Breakdown

Category / Product Line	Net Sales (FY 2025) ($’000)	Net Sales (% of Total)	Physical Case Volume (‘000 Cases)	Volume Change vs Prior Year
Sparkling Beverages (Bottle/Can)	$4,249,847	58.80% (Calculated by FirmsWorld)	266,749	0.0%
Still Beverages (Bottle/Can)	$2,362,873	32.69% (Calculated by FirmsWorld)	87,299	+1.0%
Sales to Other Bottlers (Other Sales)	$383,658	5.31% (Calculated by FirmsWorld)	—	—
Post-Mix Sales and Other (Other Sales)	$231,677	3.20% (Calculated by FirmsWorld)	—	—
Total Net Sales	$7,228,055	100.00%	354,048	+0.3%

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025. Note: Percentages of total revenue were calculated using consolidated net sales of $7,228,055 thousand as the base.

Total standard physical case volume reached 354,048 thousand cases in fiscal 2025, an increase of 0.3% over the prior year. When adjusting for 2025 having one fewer selling day than 2024, comparable physical case volume expanded by 0.5%.

• Total bottle/can sales delivered $6,612,720 thousand, representing 91.49% of all net revenue (Calculated by FirmsWorld: $6,612,720 / $7,228,055).
• Sparkling products represented 75.34% of all physical case volume (Calculated by FirmsWorld: 266,749 / 354,048).
• Packaging format distribution tilted toward aluminum cans, accounting for 54% of retail sales volume versus 46% for bottles.

Packaging Volume Split (FY 2025)
┌────────────────────────────────────────┐
│ Aluminum Cans: 54%                     │
├────────────────────────────────────────┤
│ Plastic / Glass Bottles: 46%           │
└────────────────────────────────────────┘

Sparkling Beverages (Bottle/Can)

Sparkling beverages consist of carbonated soft drinks, providing the primary foundation for volume throughput across regional production lines. Pricing actions executed during the first quarter of 2025 supported segment revenue, offsetting stable physical case volumes. Demand concentrated across multi-pack take-home packages, mini-cans, 1.25-liter bottles, and zero-sugar variations sold within mass merchandise, large grocery, and club channels.

Still Beverages (Bottle/Can)

Still beverages encompass noncarbonated hydration, functional health, dairy, ready-to-drink teas, and energy drinks. Physical case volume expanded 1.0% to 87,299 thousand cases, driven by consumer demand across protein shakes, enhanced waters, and performance hydration drinks. Dollar sales growth outpaced sparkling drinks due to favorable product pricing and expanding unit adoption in retail channels.

Sales to Other Coca-Cola Bottlers

Under the terms of the Regional Manufacturing Agreement, Coca-Cola Consolidated functions as a regional production hub, manufacturing finished beverages for neighboring Coca-Cola franchise bottlers. Prices for these inter-bottler cross-sales are unilaterally set by The Coca-Cola Company via standardized formulas. In 2025, revenue from neighboring bottlers rose 11.0% to $383,658 thousand, reflecting expanded can line utilization.

Post-Mix Sales and Other Services

Post-mix revenues are derived from the sale of concentrated fountain syrups dispensed through commercial equipment in restaurants, educational campuses, sports complexes, and amusement parks. The category also collects service revenues generated by repairing commercial cold drink equipment, as well as freight transportation fees earned by Red Classic from external shippers. Point-in-time contracts accounted for $7,126,304 thousand of total company sales, whereas over-time servicing arrangements delivered $101,751 thousand.

Brand Portfolio

Coca-Cola Consolidated distributes an extensive beverage lineup consisting of more than 300 individual brands and flavor formulations. While the commercial focus centers around flagship drinks licensed by The Coca-Cola Company, distribution agreements with Keurig Dr Pepper and Monster Energy provide valuable cross-licensed variety in specific territories. Licensed partner brands account for roughly 15% of the company’s total retail bottle and can sales volume.

Product innovation drives retail marketing expenses. Strategic introductions include Sprite + Tea, POWERade Powerwater, packaging line additions for BODYARMOR, and expanded distributions of Monster and Topo Chico variants. Product plans for 2026 include Coca-Cola Cherry Float, FLRT Energy Drink, and updated returnable glass packaging formats for original formulations.

Brand Volume Distribution Architecture
┌────────────────────────────────────────────────────────┐
│ The Coca-Cola Company Trademark Brands: ~85% Volume    │
├────────────────────────────────────────────────────────┤
│ Partner Licensed Brands (Monster, Dr Pepper): ~15%     │
└────────────────────────────────────────────────────────┘

• Approximately 85% of total bottle and can volume originates from The Coca-Cola Company portfolio.
• Third-party brand agreements generate approximately 15% of total retail bottle/can volume.
• More than 300 distinct brand formulations and package combinations are commercially distributed.

Core Coca-Cola Company Portfolio

Coca-Cola Original Taste, Diet Coke, and Coca-Cola Zero Sugar

Flagship colas represent the bedrock of the sparkling portfolio. In 2025, steady sparkling volume was preserved primarily through double-digit momentum in Coca-Cola Zero Sugar, which helped counterbalance lower volume consumption of Coca-Cola Original Taste. Single-serve and mini-can multipacks served as major revenue contributors in large format retail.

Sprite and Sprite Zero Sugar

Sprite functions as the company’s leading lemon-lime sparkling brand. The portfolio features varied package executions, ranging from 12-ounce cans to 2-liter PET bottles, supplemented by new flavor innovations like Sprite + Tea to capture incremental consumer refreshment occasions.

Fanta and Fanta Zero Sugar

Covering fruit-flavored carbonated beverages, Fanta offers orange, grape, and seasonal variations. Zero-sugar line extensions expanded across convenience store and grocery retail formats during the year, bolstering the broader sparkling category.

Core Power and fairlife

Packaged dairy offerings delivered volume growth throughout 2025. Core Power ultra-filtered high-protein shakes experienced strong demand within convenience channels and mass merchandisers, addressing consumer preferences for functional protein nutrition.

BODYARMOR and POWERade

Isotonic sports nutrition brands provide electrolytes and hydration options. Both BODYARMOR and POWERade recorded volume expansion in 2025, supported by the national rollout of POWERade Powerwater and value multi-pack packaging.

Dasani, smartwater, and Topo Chico

Bottled water brands satisfy diverse consumer hydration needs. Dasani anchors standard purified water, glacéau smartwater leads the premium vapor-distilled category, and Topo Chico provides sparkling mineral water options, including Topo Chico Sabores.

Minute Maid, Gold Peak, and Dunkin’ Coffee

Noncarbonated refreshment options cover juices, ready-to-drink teas, and shelf-stable coffees. Gold Peak offers premium brewed iced teas, Minute Maid covers traditional juice beverages, and Dunkin’ RTD coffee bottles capture breakfast and on-the-go consumption occasions.

Regional and Classic Soft Drinks

Additional trademark offerings include Barq’s Root Beer, Barq’s Zero Sugar, Fresca, Mello Yello, Seagram’s Ginger Ale, Tum-E Yummies fruit drinks, and relaunched formulations of Mr. Pibb and Mr. Pibb Zero Sugar.

Partner Licensed Brand Portfolio

Monster Energy, Reign, and NOS

Under master distribution agreements, Coca-Cola Consolidated distributes high-performance energy beverages from Monster Energy Company. The lineup includes Monster Energy, Java Monster, Reign Total Body Fuel, Reign Storm, and NOS, serving as an important margin driver within immediate-consumption channels.

Dr Pepper, Diet Dr Pepper, and Dr Pepper Zero Sugar

In designated geographic territories, the company manufactures and distributes carbonated soft drinks owned by Keurig Dr Pepper Inc. Dr Pepper formulations contribute to overall case volume across both bottle/can and post-mix formats.

Specialized Energy and Regional Brands

The partner portfolio also incorporates Bang Energy, Ale 8, Sundrop, Diet Sundrop, and Full Throttle, as well as the upcoming 2026 distribution rollout of FLRT Energy Drink.

Geographical Presence

Operations are organized across four geographic regions within the eastern and midwestern United States: Carolinas, Mid-Atlantic, Mid-South, and Mid-West. The territory covers 14 states—North Carolina, South Carolina, Virginia, Maryland, West Virginia, Delaware, Pennsylvania, Kentucky, Ohio, Arkansas, Tennessee, Mississippi, Indiana, and Illinois—plus the District of Columbia.

Physical production is executed across 10 company-owned manufacturing plants, while downstream staging, warehousing, and local merchant delivery are handled through 60 regional distribution centers. Production capacity is further supplemented by a cooperative shareholding interest in South Atlantic Canners, Inc. (SAC), located in Bishopville, South Carolina.

Geographic Operational Footprint
┌───────────────────┬─────────────────────────┬─────────────────────────┐
│ Region            │ Manufacturing Plants    │ Distribution Centers    │
├───────────────────┼─────────────────────────┼─────────────────────────┤
│ Mid-Atlantic      │ 4 Facilities            │ 20 Facilities           │
│ Carolinas         │ 1 Facility              │ 17 Facilities           │
│ Mid-West          │ 3 Facilities            │ 13 Facilities           │
│ Mid-South         │ 2 Facilities            │ 10 Facilities           │
├───────────────────┼─────────────────────────┼─────────────────────────┤
│ Total Operating   │ 10 Plants               │ 60 Centers              │
└───────────────────┴─────────────────────────┴─────────────────────────┘

• The total operational infrastructure spans 10 manufacturing plants and 60 distribution centers.
• The commercial logistics footprint is supported by 4,600 vehicles, including 3,000 route delivery trucks.
• Downstream retail execution maintains approximately 432,000 cold drink vending and dispensing machines.

Mid-Atlantic Region

The Mid-Atlantic encompasses Maryland, Delaware, the District of Columbia, most of Virginia and West Virginia, and segments of south-central Pennsylvania, southern Ohio, and eastern Kentucky. The region operates four manufacturing plants located in Baltimore, Maryland (155,000 square feet); Silver Spring, Maryland (104,000 square feet); Sandston, Virginia (326,000 square feet); and Roanoke, Virginia (310,000 square feet). Downstream logistics are managed through 20 distribution facilities, including leased hubs in Hanover, Maryland (276,000 square feet) and Chester, Virginia (353,000 square feet).

Carolinas Region

Covering the company’s historical home market, this region encompasses North Carolina, South Carolina, and border counties of southern Virginia. Operational headquarters reside in Charlotte, North Carolina, anchored by a primary combined complex comprising a 535,000-square-foot manufacturing plant and an adjacent 115,000-square-foot distribution center. Across the Carolinas, 17 distribution centers operate in key markets such as Raleigh, Greensboro, Columbia, and Charleston.

Mid-West Region

Covering Indiana, Ohio, and portions of northern Kentucky and southeastern Illinois, the Mid-West features three owned production plants: Indianapolis, Indiana (400,000 square feet); Cincinnati, Ohio (368,000 square feet); and Twinsburg, Ohio (287,000 square feet). Network throughput is supported by 13 distribution centers, highlighted by an owned, automated 430,000-square-foot hub in Columbus, Ohio, and a 415,000-square-foot center in Whitestown, Indiana.

Mid-South Region

The Mid-South spans Arkansas, Tennessee, western Kentucky, and northwestern Mississippi. Production is anchored by two manufacturing plants: West Memphis, Arkansas (326,000 square feet) and Nashville, Tennessee (220,000 square feet). Distribution infrastructure includes 10 centers, featuring leased hubs in Memphis (266,000 square feet) and La Vergne, Tennessee (220,000 square feet).

Profit and Loss

Consolidated net sales expanded by 4.8% to $7,228,055 thousand in fiscal 2025, up from $6,899,716 thousand in 2024 and $6,653,858 thousand in 2023. Revenue growth was primarily driven by annual commercial pricing actions enacted across sparkling and still product lines during early 2025, which contributed roughly $215 million in top-line expansion, alongside positive channel mix from premium still brands.

Cost of sales climbed 5.0% to $4,355,693 thousand, driven by $135 million in cumulative input cost inflation. Aluminum commodity prices, aggravated by elevated import tariffs, weighed on can production margins, while volume shifts toward third-party still beverages carried higher purchase costs. Gross margin contracted by 20 basis points to 39.73% (Calculated by FirmsWorld: $2,872,362 / $7,228,055).

Operating expenses (SD&A) rose 4.8% to $1,921,706 thousand, maintaining a constant 26.6% ratio relative to net sales. Expense growth was driven by front-line hourly wage increases and higher employee healthcare claims. Operating income rose to $950,656 thousand, up 3.3% from $920,350 thousand in 2024. Net income fell to $570,582 thousand, compared to $633,125 thousand in 2024, weighed down by higher interest expenses and non-cash contingent consideration mark-to-market adjustments.

Three-Year Consolidated Statements of Operations

Financial Line Item ($’000)	Fiscal Year 2025	Fiscal Year 2024	Fiscal Year 2023
Net Sales	$7,228,055	$6,899,716	$6,653,858
Cost of Sales	$4,355,693	$4,146,537	$4,055,147
Gross Profit	$2,872,362	$2,753,179	$2,598,711
Gross Margin (%)	39.73% (Calculated by FirmsWorld)	39.90% (Calculated by FirmsWorld)	39.05% (Calculated by FirmsWorld)
Selling, Delivery, and Administrative (SD&A) Expenses	$1,921,706	$1,832,829	$1,764,260
Income from Operations (Operating Profit)	$950,656	$920,350	$834,451
Operating Margin (%)	13.15% (Calculated by FirmsWorld)	13.34% (Calculated by FirmsWorld)	12.54% (Calculated by FirmsWorld)
Interest Expense (Income), Net	$42,678	$1,848	$(918)
Mark-to-Market on Acquisition Contingent Consideration	$131,901	$59,166	$159,354
Pension Plan Settlement Expense	—	—	$112,796
Other Expense, Net	$3,159	$2,682	$5,738
Income Before Taxes	$772,918	$856,654	$557,481
Income Tax Expense	$202,336	$223,529	$149,106
Effective Tax Rate (%)	26.18% (Calculated by FirmsWorld)	26.10% (Calculated by FirmsWorld)	26.75% (Calculated by FirmsWorld)
Net Income	$570,582	$633,125	$408,375
Net Profit Margin (%)	7.89% (Calculated by FirmsWorld)	9.18% (Calculated by FirmsWorld)	6.14% (Calculated by FirmsWorld)
Basic Net Income Per Share: Common Stock	$6.82	$7.01	$4.36
Diluted Net Income Per Share: Common Stock	$6.81	$6.99	$4.35

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025. Note: Financial margins and tax rates were calculated using reported statement totals. Per-share figures reflect the 10-for-1 forward stock split executed in May 2025.

Net interest expense rose by $40,830 thousand in 2025, driven by higher gross interest obligations of $102,866 thousand associated with debt incurred to finance the equity buyback, offset by $60,188 thousand in interest income. The mark-to-market adjustment on acquisition-related contingent consideration rose to $131,901 thousand, driven by higher projected territory cash flows and a decline in the discount rate (WACC) from 9.3% to 8.5%.

• Gross profit rose by $119,183 thousand, driven by early-year commercial pricing actions.
• Operating income grew 3.3% to $950,656 thousand, demonstrating disciplined control of overhead costs.
• Cash donations to charitable organizations and donor-advised funds totaled approximately $52 million.
• Shipping and handling expenses embedded within SD&A totaled approximately $842 million.

Balance Sheet

Total assets stood at $4,302,998 thousand as of December 31, 2025, representing a decrease of $1,010,141 thousand from $5,313,139 thousand at year-end 2024. This contraction was primarily driven by deploying liquid reserves to execute the $2.4 billion common stock repurchase from The Coca-Cola Company. Cash, cash equivalents, and short-term investments fell from a combined $1,437,034 thousand to $281,918 thousand.

Working capital contracted by $936,104 thousand to finish at $298,017 thousand (Calculated by FirmsWorld: Current Assets $1,426,674 – Current Liabilities $1,128,657). Property, plant, and equipment increased to $1,604,605 thousand, driven by investments in automated warehouses, modern can production lines, and distribution vehicles.

Total liabilities expanded to $5,042,721 thousand, driven by term loan borrowings. Long-term debt increased to $2,686,009 thousand, while current maturities totaled $100,000 thousand. The company’s total equity fell into a deficit position of $(739,723) thousand, as the share buybacks exceeded historical paid-in capital and depleted retained earnings. Under Delaware corporate law, this technical deficit does not impair operational solvency or the legal capacity to pay shareholder dividends.

Two-Year Consolidated Balance Sheets

Balance Sheet Item ($’000)	As of December 31, 2025	As of December 31, 2024
Current Assets:
Cash and Cash Equivalents	$281,918	$1,135,824
Short-Term Investments	$0	$301,210
Accounts Receivable, Trade (Less Allowances)	$556,477	$571,103
Accounts Receivable from The Coca-Cola Company	$70,197	$89,871
Accounts Receivable, Other	$54,889	$40,692
Inventories	$336,401	$330,395
Prepaid Expenses and Other Current Assets	$108,668	$96,331
Total Current Assets	$1,426,674	$2,547,302
Property, Plant, and Equipment, Net	$1,604,605	$1,505,267
Right-of-Use Operating Lease Assets	$116,611	$112,351
Goodwill	$165,903	$165,903
Distribution Agreements, Net	$767,360	$792,252
Customer Lists, Net	$4,257	$5,878
Other Assets & Financing Leases	$182,208	$219,566
Total Assets	$4,302,998	$5,313,139
Current Liabilities:
Current Portion of Debt	$100,000	$349,699
Accounts Payable, Trade	$359,107	$334,878
Accounts Payable to The Coca-Cola Company	$187,271	$182,446
Accrued Compensation	$168,692	$154,899
Other Accrued Liabilities	$307,237	$246,687
Current Lease Liabilities (Operating & Financing)	$24,968	$25,942
Total Current Liabilities	$1,128,657	$1,313,169
Long-Term Debt (Less Current Portion)	$2,686,009	$1,436,649
Acquisition Contingent Consideration (Noncurrent)	$642,970	$590,209
Deferred Income Taxes	$143,738	$132,941
Other Noncurrent Liabilities & Leases	$441,347	$422,560
Total Liabilities	$5,042,721	$3,895,528
Common Stock & Class B Common Stock	$66,564	$124,655
Additional Paid-in Capital	$23,764	$23,764
Retained (Deficit) Earnings	$(824,046)	$1,395,183
Accumulated Other Comprehensive Loss	$(6,005)	$1,885
Treasury Stock	$0	$(127,876)
Total Stockholders’ (Deficit) Equity	$(739,723)	$1,417,611
Total Liabilities and Stockholders’ Deficit	$4,302,998	$5,313,139

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025.

The debt portfolio includes senior public notes alongside private bank credit arrangements. Outstanding issues comprise $100,000 thousand in 3.93% senior notes maturing in October 2026, $900,000 thousand under a Three-Year Term Loan Facility due December 2028, $700,000 thousand in 5.25% senior bonds due June 2029, $150,000 thousand in 3.96% senior notes due March 2030, $450,000 thousand under a Five-Year Term Loan Facility due December 2030, and $500,000 thousand in 5.45% senior bonds due June 2034.

• Total debt reached $2,786,009 thousand, up from $1,786,348 thousand at the close of 2024.
• The company’s primary corporate debt carries investment-grade ratings: Baa1 from Moody’s and BBB+ from S&P (Negative outlook).
• Retained earnings shifted to a deficit of $(824,046) thousand following the $2.61 billion share repurchase programs.
• Contingent consideration liabilities totaled $717,908 thousand, reflecting future sub-bottling obligations over an estimated 40-year period.

Cash Flow

Operating cash generation remained strong throughout fiscal 2025, producing $931,904 thousand in net cash, compared to $876,357 thousand in 2024 and $810,690 thousand in 2023. Cash inflows were supported by commercial pricing realization, effective receivable collections, and operational discipline across distribution networks. Cash outflows included $196,579 thousand in income taxes, $92,835 thousand in net interest, and $68,884 thousand in sub-bottling payments.

Capital expenditures (additions to property, plant, and equipment) reached $312,315 thousand, directed toward modernizing distribution centers and production lines. Subtracting capital expenditures from cash provided by operating activities yields Free Cash Flow of $619,589 thousand (Calculated by FirmsWorld: $931,904 – $312,315).

Net cash used in financing activities reached $1,766,793 thousand. The primary cash application was $2,606,031 thousand dedicated to repurchasing common shares, alongside $86,673 thousand paid in dividends and $350,000 thousand deployed to retire maturing 2025 senior bonds. These outflows were partially offset by $1,000,000 thousand in net debt proceeds.

Three-Year Consolidated Statements of Cash Flows

Cash Flow Summary ($’000)	Fiscal Year 2025	Fiscal Year 2024	Fiscal Year 2023
Net Income	$570,582	$633,125	$408,375
Non-Cash Adjustments & Depreciation	$350,771	$214,409	$405,865
Changes in Working Capital Items	$10,551	$29,138	$(3,774)
Other Operating Asset/Liability Changes	$(17,354)	$(38,894)	$(10,154)
Net Cash Provided by Operating Activities	$931,904	$876,357	$810,690
Purchases of Property, Plant, and Equipment (Capex)	$(312,315)	$(371,015)	$(282,304)
Free Cash Flow	$619,589 (Calculated by FirmsWorld)	$505,342 (Calculated by FirmsWorld)	$528,386 (Calculated by FirmsWorld)
Net Sales (Purchases) of Short-Term Investments	$306,304	$(296,035)	—
Other Investing Activities (Investees, Asset Sales)	$(13,006)	$(15,025)	$(13,172)
Net Cash Used in Investing Activities	$(19,017)	$(295,350)	$(682,201)
Payments Related to Share Repurchases	$(2,606,031)	$(625,654)	—
Net Debt Borrowings (Repayments)	$1,000,000	$1,200,000	—
Repayment of Senior Bonds	$(350,000)	—	—
Cash Dividends Paid to Stockholders	$(86,673)	$(185,635)	$(46,868)
Contingent Consideration Payments to CCR	$(68,884)	$(64,312)	$(28,208)
Other Financing Activities (Leases, Debt Fees)	$(5,205)	$(17,994)	$(2,643)
Net Cash (Used in) Provided by Financing Activities	$(1,766,793)	$(77,719)	$306,399
Net (Decrease) Increase in Cash and Cash Equivalents	$(853,906)	$500,555	$437,621
Cash and Cash Equivalents at Beginning of Year	$1,135,824	$635,269	$197,648
Cash and Cash Equivalents at End of Year	$281,918	$1,135,824	$635,269

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025. Note: Free cash flow is calculated by subtracting capital expenditures from net cash provided by operating activities.

Cash deployment shifted in 2025 toward shareholder return programs and capital structure adjustments. The business returned approximately $2.7 billion to shareholders through the combination of the $2.4 billion buyback from The Coca-Cola Company, $212.0 million in open-market share repurchases, and $86.7 million in dividend payments.

• Operating cash flows expanded to $931,904 thousand, up 6.3% over fiscal 2024.
• Capital investments totaled $312,315 thousand, supporting supply chain automation projects.
• The company paid $86,673 thousand in cash dividends, distributing $1.00 per share across both share classes.
• Contingent sub-bottling payments to CCR totaled $68,884 thousand.

Board of Directors and Leadership Team

Governance is overseen by a Board of Directors, with executive management led by an experienced operating team. Leadership continuity is anchored by the Harrison family, which has guided the company across several generations.

Executive Governance Structure
┌─────────────────────────────────────────────────────────────┐
│ J. Frank Harrison, III: Chairman & Chief Executive Officer  │
├─────────────────────────────────────────────────────────────┤
│ Morgan H. Everett: Vice Chair of the Board of Directors     │
├─────────────────────────────────────────────────────────────┤
│ David M. Katz: President & Chief Operating Officer          │
├─────────────────────────────────────────────────────────────┤
│ Matthew J. Blickley: Chief Financial & Accounting Officer   │
├─────────────────────────────────────────────────────────────┤
│ Operational C-Suite: Supply Chain, Sales, Customer, Legal   │
└─────────────────────────────────────────────────────────────┘

Executive Leadership Profiles

J. Frank Harrison, III (Age 71)

Chairman of the Board of Directors and Chief Executive Officer Appointed Chairman in 1996 and CEO in 1994, Mr. Harrison has led the company through its primary expansion phases, including the 2013–2017 System Transformation. First employed by the enterprise in 1977, he previously served as Vice Chairman from 1987 to 1996, Division Sales Manager, and corporate Vice President. As of December 31, 2025, he controlled approximately 78% of the total voting power of the company’s outstanding common stock.

David M. Katz (Age 57)

President and Chief Operating Officer Appointed President and COO in December 2018, Mr. Katz leads daily commercial operations, supply chain management, and corporate culture initiatives. His prior roles include Executive Vice President and Chief Financial Officer (2018), EVP of Product Supply and Culture & Stewardship (2017–2018), and EVP of Human Resources (2016–2017). Earlier in his career, he served as Senior Vice President of CCR’s Midwest Region and CEO of CCBSS, having entered the Coca-Cola bottling system in 1993.

Matthew J. Blickley (Age 44)

Chief Financial Officer and Chief Accounting Officer Appointed CFO and CAO in January 2025 (effective April 2025), Mr. Blickley manages capital planning, investor relations, accounting, and financial reporting. He previously served as Senior Vice President of Financial Planning and CAO (2020–2025), VP of Financial Planning and Analysis (2018–2020), and Corporate Controller (2014–2016). Before joining the company, he held senior financial planning roles at Family Dollar Stores and spent six years in audit practice at PricewaterhouseCoopers LLP.

Morgan H. Everett (Age 44)

Vice Chair of the Board of Directors Elected Vice Chair in May 2020, Ms. Everett contributes to governance, culture, and community stewardship strategies. Employed with the company since 2004, she previously served as Senior Vice President (2019–2020), Vice President (2016–2019), and Community Relations Director (2009–2015). She also serves as Chairman of operating subsidiary Red Classic Services, LLC.

Joshua L. Dorminy (Age 48)

Executive Vice President, Assistant to the Chairman and CEO Elected to his current position in March 2024, Mr. Dorminy advises the Chairman and CEO on operational priorities, strategy, and charitable stewardship initiatives. He previously served as Senior Vice President (2019–2024) and Vice President (2016–2019) within the Chairman’s office.

Donell W. Etheridge (Age 57)

Chief Supply Chain Officer Elected Chief Supply Chain Officer in August 2025 (effective January 2026), Mr. Etheridge oversees manufacturing conversion, warehouse operations, and product logistics. Employed with the company since 1990, he previously served as EVP of Product Supply Operations (2021–2025), SVP of Product Supply Operations (2016–2021), and Plant Manager (2003–2009).

E. Beauregarde Fisher III (Age 57)

Chief Legal and Administrative Officer and Corporate Secretary Elected to his executive role in August 2025 (effective January 2026), Mr. Fisher directs legal compliance, administrative functions, and regulatory engagements. He previously served as EVP and General Counsel (2017–2025) and Corporate Secretary starting in 2017. Before joining the firm, he was a partner at Moore & Van Allen PLLC, where he chaired the business law group and advised on corporate transactions.

Ellison C. Glenn (Age 35)

Chief Sales and Service Officer Elected to his post in August 2025 (effective January 2026), Mr. Glenn oversees retail customer relationships, field merchandising, and DSD field execution. Joining the company in 2014, his previous roles include Senior Vice President of Product Supply Planning, Central Market Unit General Manager, and Director of Revenue Growth Management.

Christine A. Motherwell (Age 47)

Chief Customer Officer Elected Chief Customer Officer in August 2025 (effective January 2026), Ms. Motherwell leads commercial relationships with large grocery, mass merchandise, and club accounts. She previously served as SVP of Human Resources (2022–2025), VP of Home Market Sales (2016–2019), and Director of Sales at CCR, bringing extensive customer development experience from The Coca-Cola Company.

N. Brent Tollison (Age 52)

Chief People and Public Affairs Officer Elected in August 2025 (effective January 2026), Mr. Tollison manages human resources, government affairs, community relations, and sustainability programs. Joining the company in 2021, he held roles including SVP of Public Affairs, Communications, Community, and Sustainability, and spent 18 years in sales leadership within CCR, CCE, and The Coca-Cola Company.

Clark A. Walker (Age 56)

Chief Commercial Officer Elected Chief Commercial Officer in August 2025 (effective January 2026), Mr. Walker directs pricing architecture, trade promotions, and revenue growth management. Joining the firm in 2016 after serving as Vice President of Revenue Growth Management at The Coca-Cola Company, he has worked within the broader bottling system since 1990.

Board Committees and Governance Oversight

The Board of Directors maintains several standing committees, including the Audit Committee and the Compensation Committee. The Audit Committee oversees corporate financial reporting, risk assessment, independent auditor engagements, and cybersecurity frameworks. Information technology leadership provides quarterly threat briefings and an annual detailed cybersecurity report to the Audit Committee.

Subsidiaries, Associates, and Joint Ventures

The company operates through wholly owned operational subsidiaries and participates in specialized manufacturing and technology cooperatives. These entities provide dedicated freight logistics, procurement support, packaging supplies, and centralized information architecture.

Subsidiary and Affiliate Operating Roster

Entity Name	Relationship Type	Equity Carrying Value (FY 2025) ($’000)	Operational Scope & Activity
Red Classic Services, LLC	Wholly Owned Subsidiary	Consolidated internally	Commercial freight, dedicated logistics, and fleet maintenance
South Atlantic Canners, Inc. (SAC)	Manufacturing Cooperative (Associate)	$35,000	Finished canned beverage production in Bishopville, SC
CONA Services LLC	Shared Services Technology Venture	$30,200	Coke One North America ERP management and development
Southeastern Container	Packaging Manufacturing Cooperative	$21,300	Production and supply of PET plastic bottle containers
Coca-Cola Bottlers’ Sales & Services (CCBSS)	System Procurement Consortium	Equity method (immaterial)	National contract negotiation for non-concentrate ingredients
Western Container	Packaging Manufacturing Cooperative	Equity method investment	Cooperative production and supply of PET containers

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025.

Red Classic Services, LLC

Red Classic functions as the company’s dedicated transportation and equipment maintenance subsidiary. It provides inbound raw material shipping, inter-facility transport of finished cases, and direct transport to distribution docks, while also offering third-party logistics services to external commercial clients.

South Atlantic Canners, Inc. (SAC)

Located in Bishopville, South Carolina, SAC operates as a cooperative manufacturing enterprise owned equally by participating Coca-Cola bottlers. Coca-Cola Consolidated manages the facility’s day-to-day operations under an administrative management agreement, earning $9,796 thousand in management fees in 2025. The company purchased 27.3 million finished cases from SAC during the year, under a long-term contract requiring minimum annual purchases of 16.0 million cases through June 2034.

CONA Services LLC

CONA Services LLC operates the centralized technology platform for North American Coca-Cola bottlers, providing business process standardization and software management. The company incurred $25,700 thousand in technology service fees to CONA in 2025 to run its distribution and manufacturing systems.

Southeastern Container and Western Container

Southeastern Container and Western Container are cooperative entities co-owned with fellow bottlers to supply PET plastic bottles. Under supply agreements, Coca-Cola Consolidated must purchase at least 80% of its plastic bottle requirements for designated territories from Southeastern Container, with purchases totaling $119,344 thousand in 2025.

Coca-Cola Bottlers’ Sales & Services Company LLC (CCBSS)

CCBSS manages national raw material and packaging procurement contracts on behalf of participating bottlers, excluding beverage concentrate. The company pays CCBSS an annual administrative fee ($2,875 thousand in 2025) and receives volume rebates, with rebates receivable totaling $17,300 thousand at year-end 2025.

Other Investments

Strategic investments outside wholly owned operations primarily focus on equity holdings in cooperative enterprises that support production and information infrastructure. The company accounts for these holdings using the equity method of accounting, carrying them within “Other Assets” on the consolidated balance sheet.

• South Atlantic Canners, Inc. (SAC): Carrying value of $35,000 thousand as of December 31, 2025, up from $25,300 thousand in 2024. The facility supplies canned soft drinks to member bottlers. While the company guarantees a portion of SAC’s debt under certain leverage ratios, no guarantee was required at year-end 2025.
• CONA Services LLC: Carrying value of $30,200 thousand as of December 31, 2025, compared to $27,500 thousand in 2024. The venture supports the shared CONA technology framework and customer portal initiatives.
• Southeastern Container: Carrying value of $21,300 thousand as of December 31, 2025, up from $20,900 thousand in 2024. The entity manufactures and supplies plastic PET containers.
• Coca-Cola Bottlers’ Sales & Services Company LLC (CCBSS): Represents an equity investment without a material individual carrying value, providing consolidated supplier procurement and rebate administration.

Physical Properties

The company maintains a physical footprint comprising corporate offices, production facilities, distribution nodes, and specialized repair facilities across its operating regions. As of January 30, 2026, the company owned 10 manufacturing plants and 47 distribution centers, while leasing an additional 13 distribution centers, auxiliary warehouses, and its primary corporate office complexes.

For fiscal 2025, aggregate manufacturing capacity utilization averaged approximately 84%, calculated on an operating standard of six days per week and 20 hours per operating day.

Physical Real Estate Portfolio
┌─────────────────────────────────────────────────────────────┐
│ 10 Manufacturing Plants (100% Company-Owned)                │
├─────────────────────────────────────────────────────────────┤
│ 60 Distribution Centers (47 Owned / 13 Leased)              │
├─────────────────────────────────────────────────────────────┤
│ Auxiliary Logistics Hubs & Leased Headquarters Campus       │
└─────────────────────────────────────────────────────────────┘

Comprehensive Real Estate and Facility Inventory

Facility Classification	Geographic Location	Floor Area (Square Feet)	Ownership Status	Lease Expiration
Distribution / Plant Combo	Charlotte, North Carolina	650,000	Owned	—
Distribution Center	Columbus, Ohio	430,000	Owned	—
Distribution Center	Whitestown, Indiana	415,000	Owned	—
Manufacturing Plant	Indianapolis, Indiana	400,000	Owned	—
Logistics Warehouse	Charlotte, North Carolina	380,000	Leased	2028
Manufacturing Plant	Cincinnati, Ohio	368,000	Owned	—
Logistics Warehouse	Chester, Virginia	353,000	Leased	2028
Manufacturing Plant	West Memphis, Arkansas	326,000	Owned	—
Manufacturing Plant	Sandston, Virginia	326,000	Owned	—
Manufacturing Plant	Roanoke, Virginia	310,000	Owned	—
Distribution Center	Erlanger, Kentucky	301,000	Leased	2034
Distribution Center	Louisville, Kentucky	300,000	Leased	2030
Manufacturing Plant	Twinsburg, Ohio	287,000	Owned	—
Logistics Warehouse	Hanover, Maryland	278,000	Leased	2027
Distribution Center	Hanover, Maryland	276,000	Leased	2034
Distribution Center	Memphis, Tennessee	266,000	Leased	2030
Distribution Center	Clayton, North Carolina	233,000	Leased	2036
Manufacturing Plant	Nashville, Tennessee	220,000	Owned	—
Distribution Center	La Vergne, Tennessee	220,000	Leased	2031
Distribution Center	Sandston, Virginia	210,000	Owned	—
Corporate Headquarters	Charlotte, North Carolina	172,000	Leased (Related Party)	2029
Manufacturing Plant	Baltimore, Maryland	155,000	Owned	—
Manufacturing Plant	Silver Spring, Maryland	104,000	Owned	—

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025.

The corporate headquarters campus in Charlotte comprises two adjacent buildings totaling 172,000 square feet. The facility is leased through December 2029 from Beacon Investment Corporation, an entity affiliated with J. Frank Harrison, III, Morgan H. Everett, and the spouse of Ellison C. Glenn. Lease payments totaled $4,100 thousand in 2025.

Founders

The company’s origins date back to 1902, when regional bottling pioneers secured early bottling and distribution rights for Coca-Cola. Growth across the twentieth century was guided by the Harrison family, which expanded regional operations across North Carolina and neighboring states.

This multi-generational stewardship continued under J. Frank Harrison, III, who joined the business in 1977 and became CEO in 1994 and Chairman in 1996. Leadership continuity extends to executive roles held by family members, including Morgan H. Everett, Vice Chair of the Board of Directors.

Parent

Coca-Cola Consolidated operates as an independent, publicly traded corporation with no corporate parent entity. Following the transaction on November 7, 2025, the company repurchased all shares held by Carolina Coca-Cola Bottling Investments, Inc., an indirect subsidiary of The Coca-Cola Company. As a result, The Coca-Cola Company holds no common equity in Coca-Cola Consolidated, operating instead as a licensor, concentrate supplier, and commercial partner under long-term agreements.

Investments and Capital Expenditure Plans

Capital investments focus on modernizing manufacturing infrastructure, automating distribution facilities, expanding fleet capacity, and upgrading information systems. Capital expenditures reached $312,315 thousand in fiscal 2025, following outlays of $371,015 thousand in 2024 and $282,304 thousand in 2023. Management projects additions to property, plant, and equipment of approximately $300 million in fiscal 2026 (Company guidance).

• Columbus, Ohio Campus Investment ($90 Million): In early 2025, operations commenced at a new 60-acre campus featuring a 430,000-square-foot automated distribution facility and two 15,000-square-foot equipment and fleet repair centers, designed to handle over 16 million cases annually.
• Twinsburg, Ohio Can Line Modernization ($35 Million): Installed a high-speed aluminum can production line, adding more than six million cases of annual packaging capacity.
• Monroe, North Carolina Operations Center ($15 Million): Expanded the facility by 42,000 square feet to support logistics and establish the Coca-Cola Consolidated Technical Academy for workforce training.

Shareholding Pattern

The company maintains a dual-class share structure consisting of Common Stock and Class B Common Stock. Common Stock is entitled to one vote per share, while Class B Common Stock carries 20 votes per share. Both classes participate equally in declared dividends.

As of January 30, 2026, there were 56,517,334 shares of Common Stock and 10,046,960 shares of Class B Common Stock outstanding. Common stock was held by 1,088 stockholders of record, while Class B common stock was held by five record holders.

Disclosed Share Capital & Ownership Structure

Share Class	Shares Outstanding (Jan 30, 2026)	Voting Rights Per Share	Primary Controlling Beneficial Ownership	Disclosed Voting Power (%)
Common Stock ($1.00 par)	56,517,334	1 Vote	Public Investors & Institutions	~22% (Calculated by FirmsWorld)
Class B Common Stock ($1.00 par)	10,046,960	20 Votes	J. Frank Harrison, III (10,043,940 shares)	~78%

Source: Coca-Cola Consolidated, Inc. Annual Report on Form 10-K For the fiscal year ended December 31, 2025. Note: Voting power calculation is based on Class B ownership disclosed as of December 31, 2025.

J. Frank Harrison, III holds 10,043,940 shares of Class B Common Stock, representing approximately 78% of the total consolidated voting power as of December 31, 2025. Mr. Harrison also maintains the contractual right to acquire an additional 2,923,860 shares of Class B Common Stock by exchanging Common Stock shares, which would increase his voting control to approximately 83%.

Following the $2.4 billion stock buyback in November 2025, The Coca-Cola Company holds zero shares of common equity. During 2025, the company also repurchased and retired 1,778,081 common shares under its open-market repurchase authorization, leaving $136.3 million in remaining authorization at year-end.

Future Strategy

Management’s operational strategy centers on six operational priorities designed to drive long-term cash flow generation and support territory execution:

• Commercial Execution: Improve in-store execution and on-shelf availability across retail accounts. Deploy mobile tools and automated ordering systems to support merchandising teams.
• Revenue Growth Management (RGM): Align brand, package, and channel pricing using predictive analytics to optimize margin realization across sparkling and still beverages.
• Supply Chain Optimization: Reconfigure logistics by replacing aging distribution warehouses with automated regional hubs, such as the Columbus, Ohio facility.
• Cash Flow Discipline: Balance capital investments, debt repayment, sub-bottling payments, and shareholder dividends.
• Alternative Routes to Market (ARTM): Expand flexible delivery arrangements by utilizing third-party logistics and customer warehouse networks where direct store delivery is less cost-effective.
• Digitally Enabled Selling (MyCoke): Expand adoption of the MyCoke digital ordering platform, developed through CONA, across small retailers and on-premise accounts to streamline ordering.

Key Strengths

• Leading Bottling Footprint: Operates as the largest Coca-Cola bottler in the United States, maintaining exclusive distribution rights across 14 states and Washington, D.C., serving 60 million consumers.
• Integrated Route-to-Market Network: Operates 60 distribution centers, a 4,600-vehicle transport fleet, and approximately 432,000 cold drink vending units.
• Broad Beverage Portfolio: Markets over 300 brand formulations, pairing The Coca-Cola Company’s trademarks with partner brands such as Monster Energy and Dr Pepper.
• Operating Cash Flow Generation: Delivered $931,904 thousand in operating cash flows and $619,589 thousand in free cash flow during fiscal 2025 (Calculated by FirmsWorld).
• Modern Manufacturing Infrastructure: 10 owned manufacturing plants operating at an 84% capacity utilization rate, supported by targeted capital investments.
• Shared Cooperative Synergies: Equity participation in SAC, Southeastern Container, CCBSS, and CONA Services provides cost efficiencies across packaging, procurement, and software.

Key Challenges and Risks

• Raw Material and Input Cost Volatility: Fluctuations in aluminum, PET resin, sweetener, and fuel costs influence production margins. Elevated tariffs on imported aluminum increased packaging costs in late 2025.
• Concentrated Customer Exposure: Two retail customers represent 29% of total net sales: Walmart Inc. (17%) and The Kroger Co. (12%), which together account for 36% of retail bottle and can volume.
• Concentrate Pricing Dependence: The Coca-Cola Company exercises pricing authority over concentrated formulas and syrups without contractual limits under master bottling pacts.
• Higher Debt Obligations: Total debt expanded to $2,786,009 thousand to fund common share repurchases, increasing annual interest costs and leaving S&P’s BBB+ rating with a Negative outlook.
• Contingent Consideration Liabilities: Sub-bottling obligations under the CBA totaled $717,908 thousand at year-end, subject to non-cash fair value adjustments based on WACC and territory cash flows.
• Shifting Consumer Health Preferences: Shifting consumer preferences regarding added sugar, non-nutritive sweeteners, and caffeine may impact demand, accompanied by potential regulations or taxes on sweetened beverages.
• Labor Market and Union Negotiations: Approximately 15% of the workforce operates under collective bargaining agreements, with wage inflation continuing across frontline roles.

Conclusion and Strategic Outlook

Coca-Cola Consolidated closed fiscal 2025 having achieved net sales of $7.23 billion and operating income of $950.7 million, supported by commercial pricing realization and product line expansion. The retirement of The Coca-Cola Company’s equity stake for $2.4 billion consolidated local governance under the Harrison family while leaving the operational bottling agreements in place.

Looking to fiscal 2026, the company plans approximately $300 million in capital expenditures to modernize supply chain networks, expand automated logistics, and support product introductions such as Coca-Cola Cherry Float and FLRT Energy Drink. Management remains focused on its stated operating priorities: executing commercial pricing strategies, managing input cost volatility, and driving free cash flow generation across its eastern and midwestern territories.

Official Site: https://www.cokeconsolidated.com